Stock Market & Financial Investment News

Axcelis lowers Q2 EPS view to (7c)-(5c) from (2c)-0c, consensus (1c)Lowers Q2 revenue guidance to $40M-$42M from $55M-$60M, consensus $54.01M. Axcelis Technologies announced that multiple systems planned for late June shipment pushed out of Q2 due to customer timing issues, and as a result, the company now expects revenue for the Q2 to be between $40M-$42M, down from the previous revenue guidance of $55M-$60M. The company expects EPS will be in the range of (7c)-(5c) for the quarter. Previous EPS guidance for the Q2 was a range of (2c)-0c. The company also reported the first Purion H high current implanter was shipped in June to a leading Asia-Pacific chipmaker, where it will join Purion XE and Purion M systems already in place. Kevin Brewer, executive vice president and CFO said, "Our updated guidance for the second quarter reflects late-quarter system push-outs at a time of overall muted customer spending. We expect to receive these orders in the future. As memory spending accelerates in the second half of this year, we will benefit from the full Purion platform at a number of customers." Brewer continued, "To ensure the success of the Purion platform as the market improves, we are driving further internal cost reduction. We are taking steps in Q3 to reduce our operating expenses from $20M-$21M down to $17M-$18M. This will lower our quarterly breakeven revenue to under $50M and our operating cash breakeven to under $42M. Our cash position remains sound and these adjustments safeguard funding for our Purion development and penetration plans."